Petroteq Energy (TSX.V: PQE) (OTC: PQEFF), an integrated oil company focused on the development and implementation of its proprietary oil-extraction and remediation technologies, today announced that its Asphalt Ridge facility located in Vernal, Utah, since re-commencement on February 19, 2020, has produced approximately 1,900 barrels of oil thus achieving an average daily production rate of over 300 bbls/day on a continuous basis. This comes after a scheduled temporary maintenance shutdown in January 2020, during which the team made various adjustments and completed installation of critical additional equipment. Valkor Engineering also used this time to run a testing regimen on the plant, which will provide the necessary final data points for a proposed expansion of the Asphalt Ridge Facility to up to 4,000 bbls/day of capacity. “The Company has been working with our engineering partners to improve production levels while still maintaining our high quality oil. We have also been conducting engineering and process testing that is critical in moving us toward our target expansion of 4,000 bbls/day in capacity,” Petroteq Executive Chairman Alex Blyumkin said in the news release. “The work carried out this last month has been extremely beneficial in terms of increasing productivity and is expected to enable us to achieve actual production closer to our current nameplate capacity of 1,000 bbls/day. I would like to personally acknowledge the workers onsite who have carried out this remarkable achievement while working in what can only be described as very cold and inhospitable weather conditions in January and February.”
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About Petroteq Energy Inc.
Petroteq is a fully integrated clean technology company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction and reclamation of heavy and bitumen from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge soil remediation and heavy oil extraction processing facility located near Vernal, Utah. For more information, visit www.Petroteq.energy.
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